Welcome to this week’s Crypto market update on The Daily Chain. We are collaborating with NKB Group – a full-service investment bank focused on blockchain technology. These updates will include the top news stories of the week, charts, data and more.
Digital assets recorded a fairly volatile week, where the total market cap ranged from $240bn to $260bn. After several attempts of breaking below the $7,400 support level, BTC spiked by 4% on Monday afternoon towards $8,000. All major assets have followed the price action of BTC, which has resulted in $8bn being pumped back into the total market cap, where Litecoin surged by 20%. Last week the best performers among the top-30 assets were Chainlink (30.2%), Litecoin (23%) and VeChain (9.1%).
Top News Stories of the Week
The largest cryptocurrency exchange Binance will be launching their stable coin GBP issued on Binance Chain. It’s still in testing phase.
Crypto exchange OKCoin has launched its services to non US customers, who can now deposit and withdraw euros, as well as participate in euro spot trading for BTC, ETH and BCH. Apart from expanding its trading, OKCoin has opened an office in Malta, in compliance with the Virtual Financial Asset Act, regulated by the Malta Financial Services Authority.
The Marshall Islands has announced a not-for-profit, independent development fund to manage its government-backed token SOV. SOV will be accepted at all major vendors in the island nation. 53,000 residents are free to continue to use the US Dollar.
Crypto research firm CoinShares estimates that around 74% of bitcoin mining is powered by renewable energy, in its report. The correlation between bitcoin mining and renewable energy reportedly makes bitcoin mining “more renewables-driven than almost every other large-scale industry in the world.”
Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, Laura McCracken, told German magazine WirtschaftWoche, that the Libra project white paper would debut June 18th, and that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar, to prevent price fluctuations.
Facebook also plans to charge a $10m license fee for the right to operate its node and hopes to launch its network with 100 nodes, generating $1 billion in licensing fees.
Yahoo Japan Corporation has officially entered the cryptocurrency trading industry with its newly launched exchange Taotao. Yahoo Japan is the most visited website in the country, offering services like email, Roku, Gyao, Geocities, auctions, shopping, and travel.
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